Thomas White International Ltd. trimmed its stake in Canadian National Railway (NYSE:CNI) (TSE:CNR) by 1.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 55,314 shares of the transportation company’s stock after selling 1,067 shares during the period. Thomas White International Ltd.’s holdings in Canadian National Railway were worth $4,563,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Goodman Financial Corp bought a new position in shares of Canadian National Railway in the 4th quarter valued at approximately $165,000. Sowell Financial Services LLC bought a new position in shares of Canadian National Railway in the 3rd quarter valued at approximately $200,000. Security National Bank of SO Dak bought a new position in shares of Canadian National Railway in the 3rd quarter valued at approximately $203,000. Dean Capital Investments Management LLC bought a new position in shares of Canadian National Railway in the 4th quarter valued at approximately $205,000. Finally, CAPROCK Group Inc. bought a new position in shares of Canadian National Railway in the 3rd quarter valued at approximately $216,000. 54.49% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have issued reports on CNI shares. Zacks Investment Research raised Canadian National Railway from a “sell” rating to a “hold” rating in a report on Monday, November 6th. Raymond James Financial lowered Canadian National Railway from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 25th. Cowen reaffirmed an “outperform” rating and issued a $90.00 target price (up previously from $88.00) on shares of Canadian National Railway in a report on Wednesday, January 24th. Desjardins raised Canadian National Railway from a “hold” rating to a “buy” rating in a report on Wednesday, October 25th. Finally, Deutsche Bank started coverage on Canadian National Railway in a report on Wednesday, November 1st. They issued a “sell” rating and a $73.00 target price on the stock. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. Canadian National Railway presently has an average rating of “Hold” and an average target price of $80.88.
Canadian National Railway announced that its Board of Directors has authorized a stock buyback program on Tuesday, October 24th that permits the company to buyback 31,000,000 outstanding shares. This buyback authorization permits the transportation company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 8th will be issued a dividend of $0.3665 per share. This represents a $1.47 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Wednesday, March 7th. This is a positive change from Canadian National Railway’s previous quarterly dividend of $0.33. Canadian National Railway’s dividend payout ratio (DPR) is presently 23.23%.
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Canadian National Railway Company Profile
Canadian National Railway Company is engaged in the rail and related transportation business. The Company’s network of approximately 20,000 route miles of track spans Canada and mid-America, connecting approximately three coasts, including the Atlantic, the Pacific and the Gulf of Mexico and serving the cities and ports of Vancouver, Prince Rupert (British Columbia), Montreal, Halifax, New Orleans, and Mobile (Alabama), and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth (Minnesota)/Superior (Wisconsin), and Jackson (Mississippi), with connections to all points in North America.
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